Stocks of gold and silver miners shot up Tuesday as the price of the metals rose, outpacing the broader stock market.
Shares of IAMGOLD Corp. (NYSE:IAG) were up 54 cents, or more than three percent, to $16.85, Barrick Gold Corp. (NYSE:ABX) gained $1.35, or 2.7 percent, to $48.38 and Goldcorp Inc. (NYSE:GG) rose $1.24, or 2.6 percent, to $48.28.
Silver miners also saw gains. Hecla Mining Co. (NYSE:HL) was up 64 cents, or 12.55 percent, to $5.66 per share on a big fourth-quarter report. The Coeur d'Alene, Idaho-based company reported net income of $18.6 million, or seven cents a share, compared with a loss of $9.73 million, or five cents a share, a year ago. That fell in line with Wall Street analysts' estimates. Revenue fell 23.5 percent to $102.9 million from the year-ago quarter, but topped analysts' expectation of $98.8 million.
Other silver miners also did well. Silver Standard Resources Inc. (NASDAQ:SSRI) was up 50 cents, or 3.5 percent, to $16.51 and Coeur d'Alene Mines Corp. (NYSE:CDE) was up $1.14, or 4.2 percent, to $29.
In afternoon trading, the most actively traded gold contract on the Comex was up 1.65 percent, while the comparable silver price price of silver gained 2.68 percent.
The gains in the companies' shares outpaced the increase in the S&P 500, which was up 0.35 percent to 1,366.